By David F. Larcker, Brian Tayan, CGRI Survey Series. Corporate Governance Research Initiative, Stanford Rock Center for Corporate Governance, October 2018 In summer and fall 2018, the Rock Center for Corporate Governance at Stanford University conducted a nationwide survey of 3,544 individuals — representative by gender, race, age, household income, and state residence — to understand how the American public views CEOs who take public positions on environmental, social, and political issues. “We find that the public is highly divided about CEOs who take vocal positions on social, environmental, or political issues,” says Professor David F. Larcker, Stanford Graduate School of Business. “While some applaud CEOs who speak up, others strongly disapprove. The divergence in opinions is striking. CEOs who take public positions on specific issues might build loyalty with their employees or customers, but these same positions can inadvertently alienate important segments of those populations. The cost of CEO activism might be higher than many CEOs, companies, or boards realize.” “Hot-button issues are hot for a reason,” adds Brian Tayan, researcher at Stanford Graduate School of Business. “Interestingly, people are much more likely to think of products they have stopped using than products they have started using because of a position the CEO took on a public issue. When consumers don’t like what they hear, they react the best way they know how to: by closing their wallets.”

1. 2018 CEO ACTIVISM SURVEY
WWW.GSB.STANFORD.EDU/CGRI

2. TA B L E O F C O N T E N T S
Executive Summary and Key Findings............................ 1
Methodology....................................................................... 4
Review of Findings.............................................................. 5
Demographic Information.............................................. 13
About the Authors............................................................14
Acknowledgments............................................................14
About Stanford Graduate School of Business and the
Rock Center for Corporate Governance....................... 15
Contact Information....................................................... 15

3. 2018 CEO ACTIVISM SURVEY 1
EXECUTIVE SUMMARY AND KEY FINDINGS
THE PUBLIC TAKES A SURPRISINGLY MIXED VIEW OF CEO ACTIVISM.
WHILE SOME INDIVIDUALS REACT POSITIVELY TO CEOs TAKING A POSITION ON SOCIAL,
ENVIRONMENTAL, OR POLITICAL ISSUES, THEY ARE LARGELY COUNTERBALANCED BY OTHERS
WITH A STRONG NEGATIVE REACTION.
PEOPLE ARE MORE LIKELY TO THINK OF PRODUCTS THEY HAVE STOPPED USING THAN
PRODUCTS THEY HAVE STARTED USING BECAUSE OF CEO ACTIVISM.
“We find that the public is highly divided about CEOs who
take vocal positions on social, environmental, or political
issues,” says Professor David F. Larcker, Stanford Graduate
School of Business. “While some applaud CEOs who speak
up, others strongly disapprove. The divergence in opinions
is striking. CEOs who take public positions on specific issues
might build loyalty with their employees or customers, but
these same positions can inadvertently alienate important
segments of those populations. The cost of CEO activism
might be higher than many CEOs, companies, or boards
realize.”
“Hot-button issues are hot for a reason,” adds Brian Tayan,
researcher at Stanford Graduate School of Business.
“Interestingly, people are much more likely to think of
products they have stopped using than products they have
started using because of a position the CEO took on a public
issue. When consumers don’t like what they hear, they react
the best way they know how to: by closing their wallets.”
In summer and fall 2018, the Rock Center for Corporate
Governance at Stanford University conducted a nationwide
survey of 3,544 individuals—representative by gender, race,
age, household income, and state residence—to understand
how the American public views CEOs who take public
positions on environmental, social, and political issues.

4. 2018 CEO ACTIVISM SURVEY 2
KEY FINDINGS INCLUDE THE FOLLOWING:
THE PUBLIC VIEWPOINT OF CEO ACTIVISM IS HIGHLY
MIXED, WITH OPINIONS VARYING BY AGE AND
POLITICAL AFFILIATION.
While two-thirds (65 percent) of the public believe that
the CEOs of large companies should use their position
and potential influence to advocate on behalf of social,
environmental,orpoliticalissuestheycareaboutpersonally,
one-third (35 percent) do not.
Opinions starkly differ depending on the political affiliation
of the respondent. Nearly three-quarters (72 percent) of
respondents who self-identify as Democrats support CEO
activism, while just over half (57 percent) of Republicans do.
Opinions vary more significantly depending on the age of
the respondent. A large majority of Millennials (71 percent)
and two-thirds of Generation X (63 percent) support CEO
activism. Baby Boomers, by contrast, are more likely to
disapprove of CEO activism, with only 46 percent approving
and 54 percent disapproving.1
All respondents are more in favor of CEOs taking public
positions on social, environmental, or political issues if
those issues directly impact their business or employees.
Seventy-two percent of the public support CEO activism
under these circumstances, with Millennials (76 percent),
Gen X (71 percent), and Baby Boomers (60 percent) holding
favorable opinions.
1 Millennials are defined as respondents age 38 or younger. Generation X are respondents age 39
to 53. Baby Boomers are respondents age 54 or older.
THE PUBLIC IS POSITIVE ON ENVIRONMENTAL
ISSUES, NEGATIVE ON POLITICS AND CONTENTIOUS
SOCIAL ISSUES.
Members of the public are most in favor of CEO activism
about environmental issues, such as clean air or water (78
percent), renewable energy (68 percent), sustainability (65
percent), and climate change (65 percent). They are also
generally positive about widespread social issues, such
as healthcare (69 percent), income inequality (66 percent),
poverty (65 percent), and taxes (58 percent). While responses
vary by age and political affiliation, generally all groups have
net-favorable opinions about CEOs speaking up on these
issues.2
The public reaction is somewhat more mixed about issues
of diversity and equality. Fifty-four percent of Americans
support CEO activism about racial issues, while 29 percent
do not; 43 percent support activism about LGBTQ rights,
while 32 percent do not; and only 40 percent support
activism about gender issues, while 37 percent do not.3
The
public viewpoint on whether CEOs should speak out on these
issues varies considerably by age and political affiliation,
with Democrats and Millennials more likely to favor CEO
activism, Republicans and Baby Boomers more likely to
oppose it, and Independents and Generation X respondents
closely divided.
2 Net-favorable opinions are calculated as the percent of respondents who select “thank you for
speaking up” minus the percent of respondents who select “keep your mouth shut.” Respondents
who select “no opinion” are excluded.
3 LGBTQ means lesbian, gay, bisexual, transgender, or queer/questioning

5. 2018 CEO ACTIVISM SURVEY 3
Quiteunexpectedly,responsestoCEOactivismaboutgender
issues vary only modestly when respondents are segmented
by gender, with 42 percent of female respondents having
a favorable opinion (36 percent negative opinion) and 37
percent of male respondents having a favorable opinion (39
percent negative).
Contentious social issues—such as gun control and
abortion—and politics and religion garner the least
favorable reactions. Of these issues, CEOs speaking up about
gun control is the only one with a net-favorable position (45
percent favorable versus 35 percent unfavorable). Abortion
(37 percent versus 39 percent), politics (33 percent versus 43
percent), and religion (31 percent versus 45 percent) all elicit
net-unfavorable reactions. Republicans, Independents, Gen
X, and Baby Boomers have negative and strongly negative
reactions to CEOs taking public stances on these issues.
AMERICANS ARE MOST LIKELY TO RECALL PROMINENT
CEOs SPEAKING UP ABOUT ISSUES THEY AGREE — AND
DISAGREE — WITH.
Americans are aware of prominent CEOs who take public
positions on social, environmental, and political issues.
The CEOs and former CEOs of Microsoft, Tesla, Starbucks,
Apple, Facebook, Target, and Chick-fil-A are recognized on
an unprompted basis for their stances on racial equality,
income inequality, privacy, women’s rights, religious rights,
and environmental issues.
Of note, many of the same CEOs are cited as examples of CEO
activism that the public agrees with as well as examples of
CEO activism that they disagree with. For example, the CEO
of Chick-fil-A is cited favorably for his support of religious
rights and negatively for his views of the LGBTQ community.
Similarly, the former CEO of Starbucks is cited both favorably
and unfavorably for his stances on racial issues.
“The fact that the same names pop up both positively and
negativelyunderscoresthepolarizingnatureoftheseissues,”
observes Professor Larcker. “Prominent CEOs who use their
positions to advocate for issues that they personally believe
in can have a bifurcated impact on the public. CEO activism
really is a double-edged sword.”
AMERICANS MAY BE MORE LIKELY TO STOP USING
PRODUCTS OR SERVICES BECAUSE OF CEO ACTIVISM
THAN START USING THEM.
Americans claim that they are more likely to purchase
products or services from a company whose CEO speaks out
about an issue they agree with (72 percent) and less likely
to purchase them if the CEO speaks out about an issue they
disagree with (62 percent).
However, when asked to identify specific incidents in which
they changed their own purchase behavior because of CEO
activism, respondents were significantly more likely to
remember products they stopped using or use less because
ofthepositiontheCEOtookthanproductstheystartedusing
or use more. Specifically, 35 percent of the public could think
of a product or service they use less, while only 20 percent
could think of a product they use more.
Respondents claim that disagreement with the CEO over
an environmental, social, or political issue caused them to
decrease their spending on that company’s products by 50
percent, on average (from $124 per month to $62 per month).
A full 69 percent claim that they stopped using the product
or service entirely.
By contrast, respondents claim that agreement with the CEO
over an environmental, social, or political issue caused them
to increase their spending by 91 percent, on average (from
$80 per month to $152 per month). Only 21 percent claim
that they started using the product or service for the first
time as a result of the CEO’s stance.
“While it is difficult to generalize from self-reported purchase
data, Americans clearly express an awareness of the positions
that CEOs take and are willing to change their buying habits
when they agree or disagree,” says Tayan. “Companies and
their boards need to understand the demographics of their
employee and customer base and do the calculus to figure
out whether their CEOs are doing more harm or good when
they speak out on controversial issues.”

6. 2018 CEO ACTIVISM SURVEY 4
Methodology
In summer and fall 2018, the Rock Center for Corporate
Governance at Stanford University hired Survey Sampling
International (SSI) to conduct a nationwide survey of 3,544
individuals—representative by gender, race, age, household
income, and state residence—to understand how the
American public views CEOs who take public positions
on environmental, social, and political issues. Stanford
University is solely responsible for the contents of this survey.

7. 2018 CEO ACTIVISM SURVEY 5
Review of Findings
1. In general, should the CEOs of large companies use their position and potential influence to advocate on behalf of
social, environmental, or political issues that they care about personally?
n Yes n No
Full Sample
65%
35%
Political Affiliation
72%
28%
Democrat
57%
43%
Republican
65%
35%
Independent
Age*
71%
29%
Millennials
63%
37%
Gen X
46%
54%
Baby Boomers
* Millennials are respondents age 38 or younger. Gen X are respondents age
39 to 53. Baby Boomers are respondents age 54 or older.
2. How strongly do you hold this opinion?
25%
5. Very Strongly
34%
4.
34%
3.
4%
2.
3%
1. Not strongly at all
Average
3.8

8. 2018 CEO ACTIVISM SURVEY 6
3. Should the CEOs of large companies use their position to advocate on behalf of social, environmental, or political
issues if those issues directly impact their business or employees?
n Yes n No
Full Sample
72%
28%
Political Affiliation
78%
22%
Democrat
67%
33%
Republican
71%
29%
Independent
Age
76%
24%
Millennials
71%
29%
Gen X
60%
40%
Baby Boomers
4. How strongly do you hold this opinion?
31%
5. Very Strongly
35%
4.
28%
3.
4%
2.
2%
1. Not strongly at all
Average
3.9

9. 2018 CEO ACTIVISM SURVEY 7
5. In general, what is your reaction to CEOs who are publicly vocal about the following issues?
(Sorted by favorability)
78%
69%
68%
66%
65%
65%
65%
59%
58%
55%
54%
49%
45%
43%
42%
40%
37%
33%
31%
Thank you for speaking upFull Sample Keep your mouth shut No opinion
Clean air or water
Healthcare
Renewable energy
Income inequality
Sustainability
Climate change
Poverty
Land conservation
Taxes
Foreign trade
Racial issues*
Immigration
Gun control
LGBTQ rights**
War
Gender issues***
Abortion rights
Politics
Religion
12%
16%
19%
16%
22%
20%
17%
24%
21%
28%
17%
22%
20%
25%
25%
23%
24%
24%
23%
10%
15%
13%
18%
14%
16%
18%
17%
20%
16%
29%
29%
35%
32%
33%
37%
39%
43%
45%
Thank You for Speaking Up – By Political Affiliation
(Sorted by Democrat favorability)
Democrat Republican Independ.
Clean air or water 87% 67% 80%
Climate change 81% 45% 67%
Healthcare 79% 59% 70%
Income inequality 78% 51% 68%
Renewable energy 77% 58% 72%
Sustainability 74% 55% 69%
Poverty 73% 54% 69%
Racial issues 69% 38% 53%
Land conservation 67% 50% 62%
Taxes 64% 55% 58%
Gun control 62% 32% 40%
Foreign trade 60% 54% 58%
Immigration 59% 40% 47%
LGBTQ rights 58% 26% 41%
Gender issues 52% 28% 39%
War 51% 34% 40%
Abortion rights 50% 30% 31%
Politics 42% 27% 30%
Religion 37% 29% 28%
Thank You for Speaking Up – By Age
(Sorted by Millennials favorability)
Millennials Gen X Boomers
Clean air or water 81% 76% 73%
Healthcare 69% 73% 67%
Renewable energy 69% 68% 65%
Climate change 68% 63% 55%
Income Inequality 68% 66% 60%
Poverty 68% 65% 60%
Sustainability 65% 67% 61%
Land conservation 60% 60% 55%
Taxes 59% 59% 55%
Racial issues 58% 51% 47%
Foreign trade 53% 58% 61%
Immigration 50% 49% 43%
Guns control 47% 45% 38%
LGBTQ Rights 47% 40% 33%
War 44% 41% 34%
Gender issues 43% 37% 31%
Abortion rights 42% 34% 23%
Politics 36% 31% 26%
Religion 35% 29% 20%
* Responses vary significantly when respondents are segmented by race. White respondents reply 49% “thank you for speaking up.” Nonwhite respondents reply
66% “thank you for speaking up.”
** LGBTQ means lesbian, gay, bisexual, transgender, or queer/questioning
*** Reponses vary only modestly when respondents are segmented by gender. Female respondents reply 42% “thank you for speaking up.” Male respondents reply
37% “thank you for speaking up.”

10. 2018 CEO ACTIVISM SURVEY 8
Reaction to CEO Activism
(Sorted by net favorability*)
Net Favorability (Unfavorability)Full Sample
Clean air or water
Renewable energy
Healthcare
Sustainability
Climate change
Income inequality
Poverty
Land conservation
Foreign trade
Taxes
Racial issues
Immigration
LGBTQ rights
Gun control
War
Gender issues
Abortion rights
Politics
Religion
68%
55%
54%
51%
49%
48%
47%
42%
39%
38%
25%
20%
11%
10%
9%
3%
-2%
-10%
-14%
Reaction to CEO Activism – By Political Affiliation
(Sorted by Democrat net favorability*)
Democrat Republican Independent
Clean air or water 81% 50% 71%
Climate change 74% 16% 53%
Healthcare 69% 37% 55%
Renewable energy 67% 38% 60%
Income inequality 67% 22% 52%
Sustainability 65% 34% 57%
Poverty 59% 28% 54%
Land conservation 55% 25% 47%
Racial issues 49% -3% 24%
Taxes 45% 30% 38%
Foreign trade 45% 33% 45%
Gun control 39% -17% 3%
Immigration 36% 1% 18%
LGBTQ rights 36% -23% 9%
War 24% -7% 6%
Gender issues 24% -22% 1%
Abortion rights 20% -18% -11%
Politics 6% -25% -15%
Religion -5% -21% -19%
Reaction to CEO Activism – By Age
(Sorted by Millennials net favorability*)
Millennials Gen X Boomers
Clean air or water 72% 63% 61%
Renewable energy 58% 53% 48%
Climate change 57% 44% 30%
Healthcare 55% 57% 48%
Sustainability 54% 52% 42%
Income Inequality 53% 48% 36%
Poverty 53% 45% 37%
Land conservation 46% 43% 32%
Taxes 40% 37% 29%
Foreign trade 38% 40% 43%
Racial issues 32% 20% 10%
Immigration 24% 18% 5%
LGBTQ Rights 18% 6% -11%
Guns control 15% 9% -6%
War 15% 6% -8%
Gender issues 9% -2% -16%
Abortion rights 7% -7% -31%
Politics -3% -14% -32%
Religion -4% -21% -41%
* Calculated as the percent of respondents who select “thank you for speaking up” minus the percent of respondents who select “keep your mouth shut.” Excludes
respondents who select “no opinion.”

11. 2018 CEO ACTIVISM SURVEY 9
6. Can you give an example of a CEO speaking out about a social, environmental, or political issue that you agree with?
(Most frequently cited, on an unprompted basis in descending order*)
CEO Company Reason cited
Bill Gates Microsoft Global poverty
Elon Musk Tesla Renewable energy
Mark Zuckerberg Facebook Privacy, various social issues
Tim Cook Apple Various social issues
Jeff Bezos Amazon Various social issues
Howard Schultz Starbucks Various social issues
Dan Cathy Chick-fil-A Religious rights
Larry Page and Sergey Brin Alphabet (Google) Various social issues
David Green Hobby Lobby Religious rights
Doug McMillon Walmart Environmental issues
Warren Buffett Berkshire Hathaway Taxes, income inequality
Edward Stack Dick’s Sporting Goods Gun control
Brian Cornell Target LGBTQ rights
* CEO name is provided for cases where the respondent identified a company name.
7. Can you give an example of a CEO speaking out about a social, environmental, or political issue that you
disagree with?
(Most frequently cited, on an unprompted basis in descending order*)
CEO Company Reason cited
Dan Cathy Chick-fil-A LGBTQ rights
Mark Zuckerberg Facebook Privacy, various social issues
Howard Schultz Starbucks Various social issues
John Schnatter Papa John's Racial issues
Elon Musk Tesla Various social issues
David Green Hobby Lobby Women's rights
Tim Cook Apple Various social issues
Jeff Bezos Amazon Various social issues
Charles Koch Koch Industries Political issues
Bill Gates Microsoft Various social issues
Brian Cornell Target LGBTQ rights
Larry Page and Sergey Brin Alphabet (Google) Privacy, various social issues
Doug McMillon Walmart Various social issues
* CEO name is provided for cases where the respondent identified a company name.

12. 2018 CEO ACTIVISM SURVEY 10
8. Are you more likely to purchase a product or service from a company whose CEO speaks out about an issue that you
personally AGREE with?
n Yes n No
Full Sample
72%
28%
Political Affiliation
82%
18%
Democrat
64%
36%
Republican
69%
31%
Independent
Age
76%
24%
Millennials
69%
31%
Gen X
60%
40%
Baby Boomers

13. 2018 CEO ACTIVISM SURVEY 11
9. Are you less likely to purchase a product or service from a company whose CEO speaks out about an issue that you
personally DISAGREE with?
n Yes n No
Full Sample
62%
38%
Political Affiliation
69%
31%
Democrat
58%
42%
Republican
61%
39%
Independent
Age
62%
38%
Millennials
60%
40%
Gen X
63%
37%
Baby Boomers
10. Can you think of a product or service that you use LESS or have stopped using because of a position that the CEO took
on a social, environmental, or political issue?
Percent Responding
35%
Approximately how much money did you spend on
this product or service before and how much did you
spend after?
$124 per month*
Before
$62 per month*
After
* Respondents were given the option to report spending on a daily, weekly,
or monthly basis. Responses were calculated on a monthly equivalent basis.
Note that these numbers are self-reported and might not reflect actual
changes in purchasing behavior.
Percent Respondents
Percent Decrease Stop Using Entirely
50%
69%

14. 2018 CEO ACTIVISM SURVEY 12
11. Can you think of a product or service that you use MORE or have started to use because of a position that the CEO
took on a social, environmental, or political issue?
Percent Responding
20%
Approximately how much money did you spend on
this product or service before and how much did you
spend after?
$80 per month*
Before
$152 per month*
After
* Respondents were given the option to report spending on a daily, weekly,
or monthly basis. Responses were calculated on a monthly equivalent basis.
Note that these numbers are self-reported and might not reflect actual
changes in purchasing behavior.
Percent Respondents Did Not
Percent Increase Use Product Previously
91%
21%

15. 2018 CEO ACTIVISM SURVEY 13
Demographic Information
Gender
Male Female
46% 53%
Age
Average Median
38 34
Region
(As defined by the U.S. Census Bureau)
18%
39%
23%
21%
Northeast
South
Midwest
West
Race
70%
11%
8%
5%
White
Black or African American
Hispanic or Latino
Asian or Pacific Islander
1%
Native American or Alaskan Native
5%
Other or Multiple
Political Affiliation
33%
27%
28%
1%
Democrat
Republican
Independent
Other
11%
None
Household Income
17%
14%
12%
8%
Less than $20,000
$20,000 but less than $30,000
$30,000 but less than $40,000
$40,000 but less than $50,000
9%
$50,000 but less than $60,000
8%
$60,000 but less than $75,000
15%
$75,000 but less than $100,000
8%
$100,000 but less than $125,000
4%
$125,000 but less than $150,000
5%
$150,000 or more

16. 2018 CEO ACTIVISM SURVEY 14
ABOUT THE AUTHORS
DAVID F. LARCKER
David F. Larcker is the James Irvin Miller Professor of Accounting at Stanford
Graduate School of Business; director of the Corporate Governance Research
Initiative; and senior faculty of the Arthur and Toni Rembe Rock Center for
Corporate Governance. His research focuses on executive compensation
and corporate governance. Professor Larcker presently serves on the Board
of Trustees for Wells Fargo Advantage Funds. He is coauthor of the books
A Real Look at Real World Corporate Governance and Corporate Governance
Matters.
Email: dlarcker@stanford.edu
Twitter: @stanfordcorpgov
Full Bio: http://www.gsb.stanford.edu/faculty-research/faculty/david-f-larcker
BRIAN TAYAN
Brian Tayan is a member of the Corporate Governance Research Initiative
at Stanford Graduate School of Business. He has written broadly on the
subject of corporate governance, including boards of directors, succession
planning, compensation, financial accounting, and shareholder relations.
He is coauthor with David Larcker of the books A Real Look at Real World
Corporate Governance and Corporate Governance Matters.
Email: btayan@stanford.edu
Full Bio: http://www.gsb.stanford.edu/contact/brian-tayan
Acknowledgments
THE AUTHORS WOULD LIKE TO THANK MICHELLE E. GUTMAN OF
THE CORPORATE GOVERNANCE RESEARCH INITIATIVE AT STANFORD
GRADUATE SCHOOL OF BUSINESS FOR HER RESEARCH ASSISTANCE
ON THIS STUDY.

17. 2018 CEO ACTIVISM SURVEY 15
About Stanford Graduate School of Business and the
Rock Center for Corporate Governance
CORPORATE GOVERNANCE
RESEARCH INITIATIVE
The Corporate Governance Research Initiative at Stanford
Graduate School of Business focuses on research to advance
theintellectualunderstandingofcorporategovernance,both
domestically and abroad. By collaborating with academics
and practitioners from the public and private sectors, we
seek to generate insights into critical issues and bridge the
gap between theory and practice. Our research covers a
broad range of topics that include executive compensation,
board governance, CEO succession, and proxy voting.
gsb.stanford.edu/cgri
THE ROCK CENTER FOR
CORPORATE GOVERNANCE
The Arthur and Toni Rembe Rock Center for Corporate
Governance is a joint initiative of Stanford Law School and
Stanford Graduate School of Business. The center was
created to advance the understanding and practice of
corporate governance in a cross-disciplinary environment
where leading academics, business leaders, policy makers,
practitioners, and regulators can meet and work together.
rockcenter.stanford.edu
Contact Information
FOR MORE INFORMATION ON THIS REPORT,
PLEASE CONTACT:
HEATHER LYNCH HANSEN
ASSISTANT DIRECTOR OF COMMUNICATIONS
Stanford Graduate School of Business
Knight Management Center
Stanford University
655 Knight Way
Stanford, CA 94305-7298
Phone: +1.650.723.0887
hhansen@stanford.edu
Copyright ©2018 Stanford Graduate School of Business and the Rock Center for Corporate Governance